Image Resources NL (ASX:IMA) is actively and rapidly transitioning from advanced explorer to profitable mining and processing company through the development of its 100%-owned, flag-ship Boonanarring Mineral Sands Project, which is one of the highest-grade, zircon-rich mineral sand deposits in Australia. Boonanarring is located 80km north of Perth, in the infrastructure-rich North Perth Basin in Western Australia.

  • The Company is fully funded through to positive cash-flow forecast to occur at end of 1st QTR 2019;
  • Construction of open-cut mine and processing plant are 75% complete as at the end of September 2018;
  • Project on-track and on-budget for wet commissioning and first production in 4th QTR 2018;
  • Binding off-take agreement in place for 100% of production for life-of-mine.

Project Financial Metrics

  • Project NPV A$235 million1; IRR 125%1; 13-month payback1
  • Metrics expected to strengthen with zircon price rise on 1 October 2018
  • Share price $0.12 (20 Sep 2018)
  • Company market cap. A$114M (20 Sep 2018)
  • Cash A$35M; Debt A$57M; Enterprise value A$136M (31 Aug 2018)
  • Average annual:
  • revenue A$130M; costs A$75M; margin 75%; EBITDA A$56M (years 1-5)
  • Mine-life 8.5 years ore reserves (substantial upside potential)
    Note: 1 – Per updated bankable feasibility study results announced 28 June 2018
    Company transitioning to production when zircon prices are increasing rapidly and supply/demand forecast strongly indicating supply shortages through to at least 2023.
  • Primary product is zircon; representing >70% of total revenue;
    Upside Potential
  • Boonanarring and Atlas development projects ore reserves expandable;
  • Multiple 100%-owned mineral sands projects/prospects in current portfolio in same area with historic mineral resources and mineralised extents open for expansion;
  • Potential mineral sands royalty from major producer in area.

Image Resources Plans & Latest Developments:

Image Resources NL (ASX: IMA) (“Image” or “the Company”) is Australia’s newest mineral sands mining company, operating at its 100%-owned, flagship Boonanarring Project, arguably one of the highest-grade, zircon-rich mineral sand deposits in Australia, located 80km north of Perth, in the infrastructure-rich North Perth Basin in Western Australia.

  • Project construction and commissioning completed ‘on-budget’ and ‘on-schedule’ on 30 Nov 2018
  • Production commenced 1 Dec 2018
  • Cashflow positive forecast 1st QTR 2019
  • First bulk shipment HMC product exported 13 Jan 2019
  • First revenue received 22 Jan 2019
  • 2nd HMC shipment sailed 16 Feb; likely cashflow

Board of Directors / Management / Major Shareholders:

  • Robert Besley | Chairman
  • Patrick Mutz | Managing Director & Chief Executive Officer
  • George Sakalidis | Executive Director – Exploration
  • Chong Veoy Soo | Non-Executive Director
  • Peter Thomas | Non-Executive Director
  • Chaodian Chen | Non-Executive Director
  • Fei Wu | Non-Executive Director
  • Huang Cheng Li | Non-Executive Director
  • John McEvoy | Chief Financial Officer
  • Todd Colton | Chief Operating Officer

The largest shareholder is Murray Zircon Pty Ltd, a former mineral sans mining company located in South Australia. The shareholder base is very supportive of developing Boonanarring.

Why should investors invest in you?

Investors have an opportunity to invest in Image Resources (ASX:IMA) as the newest member of the mineral sands mining club in Australia, before it realises it full value in the market as a profitable producer, and at a time when the market price for its primary product (zircon, representing 75% of revenue) is experiencing a supply deficit globally. This supply deficit will maintain upward pressure on the market price. Image also has a number of other mineral sands projects in its portfolio for potential development of a second mining and processing operation.

Stock Exchange Listing:


Primary Commodity:

Mineral Sands

Stage of Production:


Countries of Operation:


Image Resources (ASX:IMA) will be presenting their mining projects to prospective investors at Mines and Money Asia. Claim your complimentary investor pass now.